Binance.US was struggling to secure a banking partner, causing operational challenges for the exchange. BNB was experiencing a minor decline, with investors betting on further drops in price. Binance.US, the American branch of the popular Binance Exchange, was facing a significant roadblock in its operations as it struggled to secure a banking partner. This latest […]
The unavailability of a direct banking partner has impacted Binance.US customers. In a
, the exchange stated it was shifting to new banking and payment service providers over the coming weeks. However, it also mentioned that the transition would temporarily impact some of its U.S. dollar deposit services.As reported by the Wall Street Journal, Binance.US has been using the services of Prime Trust LLC, a FinTech firm specializing in cryptocurrency services, to store its customers’ cash. According to a spokeswoman from Prime Trust, any funds received from Binance.
Although Binance denied any wrongdoing, this legal action may have made securing banking partners more challenging for Binance.US. Additionally, the regulatory landscape for cryptocurrency in the U.S. has become more complex in recent times, which could have also contributed to the difficulties faced by the exchange in finding a banking partner.The daily timeframe chart of BNB indicated that it has faced challenges over the past few weeks.
While BNB was still trading above its short and long Moving Averages , it may dip below these averages if the decline continues. Moreover, the current trend for BNB was bearish, as indicated by the Relative Strength Index line.
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